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Is Antamina Set to Boost Wheaton Precious Metals' Production?
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Key Takeaways
WPM's Antamina mine produced 2.3 million ounces of silver in Q2'26, up 56% y/y.
The Antamina PMPA lifted Wheaton Precious Metals' attributable silver to 67.5% from April 1, 2026.
WPM expects output weighted to H2 and targets 1.2 million GEOs annually by 2030.
Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year. The upside was driven by the addition of the precious metals purchase agreement (“PMPA”) with BHP Group Limited (BHP - Free Report) .
The BHP Antamina precious metals purchase agreement (“PMPA”) became effective as of April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. The $4.3-billion Antamina stream deal with BHP Group marks Wheaton Precious Metals’ largest transaction, adding long-life silver exposure and requiring ongoing payments equal to 20% of the spot silver price.
Antamina’s production fell short of WPM’s expectations in the second quarter of 2026 due to lower silver grades and the decision to pull a planned July maintenance shutdown forward into June. Despite the headwinds, the mine’s production increased 56% year over year to 2.3 million ounces of silver.
WPM’s attributable gold-equivalent production increased 13.8% year over year to 414,755 ounces in the first six months of 2026. The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half of 2026. This indicates a rise of 30% at the mid-point from the 2025 production of 692,000 ounces. Wheaton Precious Metals expects production of 1.2 million GEOs by 2030 and averaging around that level through 2035. The BHP Group Antamina PMPA, alongside the ramp-up of newer mines and contributions from assets, will likely drive the upside.
Performance of Wheaton Precious Metals’ Peers
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, anchored by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. In 2026, Marigold’s production is expected to be 55-60% weighted to the second half, as higher grades stacked midyear are expected to lift production later in the year.
SSR Mining produced 101,959 gold-equivalent ounces in the second quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the second half of 2026.
AngloGold Ashanti PLC (AU - Free Report) gold production dipped 4% year over year in the first half of 2026, reflecting the sale of Serra Grande mine in December 2025. Lower second-quarter production at Obuasi due to a contractor fatality in April 2026 and planned mine sequencing and maintenance across certain operations also led to the decline. However, AngloGold Ashanti expects second-half 2026 production to be higher than that reported in the first half. AngloGold Ashanti maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have jumped 43.5% in a year compared with the industry's 50.6% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 33.6% and 23.2%, respectively.
Image Source: Zacks Investment Research
WPM is currently trading at a forward 12-month price-to-earnings multiple of 31.24X, a premium to the industry average of 17.16X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.66 billion, indicating a 58.1% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.79 per share, suggesting a year-over-year rally of 58.1%.
The Zacks Consensus Estimate for 2027 sales implies a 0.3% year-over-year rise. The same for earnings suggests a dip of 4.8%.
EPS estimates for 2026 and 2027 have moved south over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
Is Antamina Set to Boost Wheaton Precious Metals' Production?
Key Takeaways
Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year. The upside was driven by the addition of the precious metals purchase agreement (“PMPA”) with BHP Group Limited (BHP - Free Report) .
The BHP Antamina precious metals purchase agreement (“PMPA”) became effective as of April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. The $4.3-billion Antamina stream deal with BHP Group marks Wheaton Precious Metals’ largest transaction, adding long-life silver exposure and requiring ongoing payments equal to 20% of the spot silver price.
Antamina’s production fell short of WPM’s expectations in the second quarter of 2026 due to lower silver grades and the decision to pull a planned July maintenance shutdown forward into June. Despite the headwinds, the mine’s production increased 56% year over year to 2.3 million ounces of silver.
WPM’s attributable gold-equivalent production increased 13.8% year over year to 414,755 ounces in the first six months of 2026. The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half of 2026. This indicates a rise of 30% at the mid-point from the 2025 production of 692,000 ounces. Wheaton Precious Metals expects production of 1.2 million GEOs by 2030 and averaging around that level through 2035. The BHP Group Antamina PMPA, alongside the ramp-up of newer mines and contributions from assets, will likely drive the upside.
Performance of Wheaton Precious Metals’ Peers
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, anchored by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. In 2026, Marigold’s production is expected to be 55-60% weighted to the second half, as higher grades stacked midyear are expected to lift production later in the year.
SSR Mining produced 101,959 gold-equivalent ounces in the second quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the second half of 2026.
AngloGold Ashanti PLC (AU - Free Report) gold production dipped 4% year over year in the first half of 2026, reflecting the sale of Serra Grande mine in December 2025. Lower second-quarter production at Obuasi due to a contractor fatality in April 2026 and planned mine sequencing and maintenance across certain operations also led to the decline. However, AngloGold Ashanti expects second-half 2026 production to be higher than that reported in the first half. AngloGold Ashanti maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have jumped 43.5% in a year compared with the industry's 50.6% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 33.6% and 23.2%, respectively.
WPM is currently trading at a forward 12-month price-to-earnings multiple of 31.24X, a premium to the industry average of 17.16X.
The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.66 billion, indicating a 58.1% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.79 per share, suggesting a year-over-year rally of 58.1%.
The Zacks Consensus Estimate for 2027 sales implies a 0.3% year-over-year rise. The same for earnings suggests a dip of 4.8%.
EPS estimates for 2026 and 2027 have moved south over the past 60 days.
The WPM stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.